Fox Co. (NASDAQ:FOXA) is Heron Bay Capital Management’s 7th Largest Position

Heron Bay Capital Management trimmed its stake in Fox Co. (NASDAQ:FOXA) by 5.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 504,591 shares of the company’s stock after selling 27,056 shares during the quarter. FOX makes up 3.7% of Heron Bay Capital Management’s holdings, making the stock its 7th biggest position. Heron Bay Capital Management owned approximately 0.11% of FOX worth $17,343,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of FOXA. Norges Bank bought a new position in FOX during the fourth quarter valued at $68,391,000. Dynamic Technology Lab Private Ltd bought a new position in shares of FOX during the 4th quarter worth $355,000. Hsbc Holdings PLC increased its holdings in FOX by 99.9% in the 4th quarter. Hsbc Holdings PLC now owns 652,921 shares of the company’s stock worth $19,339,000 after acquiring an additional 326,254 shares during the last quarter. TD Asset Management Inc raised its stake in FOX by 128.0% in the 4th quarter. TD Asset Management Inc now owns 2,294,159 shares of the company’s stock valued at $68,068,000 after acquiring an additional 1,287,911 shares during the period. Finally, TFO Wealth Partners LLC raised its stake in FOX by 69,383.3% in the 4th quarter. TFO Wealth Partners LLC now owns 8,338 shares of the company’s stock valued at $247,000 after acquiring an additional 8,326 shares during the period. 52.52% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently weighed in on FOXA shares. Deutsche Bank Aktiengesellschaft lifted their target price on shares of FOX from $39.00 to $42.00 and gave the stock a “buy” rating in a research note on Wednesday, August 7th. Rosenblatt Securities lifted their price objective on shares of FOX from $37.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Macquarie boosted their target price on shares of FOX from $32.00 to $35.00 and gave the company a “neutral” rating in a report on Monday, August 12th. Wells Fargo & Company raised FOX from an “underweight” rating to an “overweight” rating and raised their price target for the stock from $29.00 to $46.00 in a report on Friday, August 16th. Finally, Evercore ISI boosted their price objective on FOX from $33.00 to $38.00 and gave the company an “in-line” rating in a research note on Wednesday, August 7th. Ten analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $38.23.

FOX Price Performance

FOXA opened at $40.21 on Friday. The stock has a market capitalization of $18.77 billion, a P/E ratio of 12.61, a PEG ratio of 1.78 and a beta of 0.76. The company has a current ratio of 2.54, a quick ratio of 2.33 and a debt-to-equity ratio of 0.61. Fox Co. has a 12-month low of $28.28 and a 12-month high of $41.58. The stock has a 50-day moving average price of $39.18 and a 200-day moving average price of $34.77.

FOX (NASDAQ:FOXA) last posted its quarterly earnings results on Tuesday, August 6th. The company reported $0.90 EPS for the quarter, topping the consensus estimate of $0.83 by $0.07. The firm had revenue of $3.09 billion for the quarter, compared to the consensus estimate of $3.10 billion. FOX had a net margin of 10.74% and a return on equity of 15.57%. The business’s revenue was up 2.0% compared to the same quarter last year. During the same period last year, the firm posted $0.88 earnings per share. Equities analysts predict that Fox Co. will post 3.72 earnings per share for the current fiscal year.

FOX Increases Dividend

The business also recently declared a Semi-Annual dividend, which will be paid on Wednesday, September 25th. Investors of record on Wednesday, September 4th will be issued a $0.27 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a yield of 1.4%. This is a boost from FOX’s previous Semi-Annual dividend of $0.26. FOX’s payout ratio is 16.93%.

Insiders Place Their Bets

In other news, CEO Lachlan K. Murdoch purchased 119,705 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were bought at an average cost of $39.06 per share, for a total transaction of $4,675,677.30. Following the completion of the transaction, the chief executive officer now directly owns 1,076,407 shares of the company’s stock, valued at approximately $42,044,457.42. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Lachlan K. Murdoch acquired 119,705 shares of the stock in a transaction on Thursday, August 15th. The stock was acquired at an average price of $39.06 per share, with a total value of $4,675,677.30. Following the completion of the transaction, the chief executive officer now owns 1,076,407 shares of the company’s stock, valued at approximately $42,044,457.42. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, COO John Nallen sold 52,874 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $38.96, for a total transaction of $2,059,971.04. Following the completion of the transaction, the chief operating officer now owns 249,424 shares of the company’s stock, valued at $9,717,559.04. The disclosure for this sale can be found here. Company insiders own 21.77% of the company’s stock.

About FOX

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through Cable Network Programming; Television; and Other, Corporate and Eliminations segments. The Cable Network Programming segment produces and licenses news, business news, and sports content for distribution through traditional cable television systems, direct broadcast satellite operators, and telecommunication companies, virtual multi-channel video programming distributors, and other digital platforms primarily in the U.S.